VD Mhaiskar, CMD, IRB Infrastracture Developers, says that there was delay in getting environment clearance (EC) and forest clearance (FC) for the Ahmadabad-Baroda project but now the clearance is in place and IRB Infrastructure has taken over that project from NHAI on January 1.
IRB Infrastructure plunged over 7 percent yesterday on reports of CBI raid. In an interview to CNBC-TV18, the company‘s chairman and managing director VD Mhaiskar clarified that there was no Central Bureau of Investigation (CBI) raid on any IRB office yesterday.
IRB Infra has received a service tax demand notice from the IT department on September 10 and VD Mhaiskar, CMD of IRB said they are looking at a one time penalty of around Rs 300 crore applied on three of its operational special purpose vehicles (SPVs).
VD Mhaiskar, chairman and managing director, IRB Infra in an interview to CNBC-TV18 spoke about the latest happenings in the company and the way ahead.
A lot of bidding companies in the infrastructure sector are facing intense competition in the last one year. K Ramchand, MD of ITNL tells CNBC-TV18 that however the competition is reducing in the space because of adverse condition like interest rates.
VD Mhaiskar, chairman and managing director, IRB Infra denies reports of over bidding on the two corridors and they have won the bid on the numbers that have been shared with the analysts and news channels.
In an interview to CNBC-TV18, VD Mahiskar, chairman and managing director, IRB Infra said, "If there would have been any intention of hiding it, we would not have registered it in India and paid a full duty of almost Rs 20 crore on it."
The National Highways Authority of India cancelled the Goa road project that it had awarded to IRB Infrastructure in January 2010 due to the inability to acquire land for the project. In an interview to CNBC-TY18, AK Upadhyay, chairman of NHAI says, this is just one off case.
IRB Infra expects to clock nearly Rs 500 crore profit in FY12. VD Mhaiskar, chairman and managing director, IRB Infra in an interview to CNBC-TV18 said, "We are pretty much on the target to achieve close to Rs 3,000 crore topline as we had indicated at the beginning of the year and close to 500 crore PAT."
CNBC-TV18 catches up with IRB Infra's chairman and managing director, VD Mhaiskar, who has bought 2% in his company, upping his stake to 60% even as the promoter group sold nearly 10% in a block deal. Check out the interview!
The Reserve Bank of India’s move to hike interest rates in a bid to tame inflation has hit the infrastructure space adversely. Experts feel that monetary tightening will sit heavily on the shoulders of infrastructure comapnies, and asset quality issues will be a big drag.
Speaking to CNBC-TV18 in an exclusive, the management of the company says that the I-T raid was only a routine search operation on the company’s premises. “However, some small cost implications do exist as a result of the raid,” says VD Mhaiskar, chairman and managing director, IRB Infrastructure.
VD Mhaiskar, chairman and managing director of IRB Infrastructure Developers gave his perspective on the latest happenings in the company and industry.